One way agencies can cut costs during sequestration season – data analytics.
Last week, Nani Coloretti, Treasury Department’s assistant secretary for management, shared how her department is using data analytics to improve business operations and processes, cutting costs and increasing efficiency.
In a panel at the 2013 SAS Government Leadership Summit on May 21, Coloretti discussed Treasury’s decision to halt production of the dollar coin. Using data analytics, Treasury studied projections for coin demand as well as the net operating and production costs of specific denominations, determining how diminished coin production affected the U.S. Mint and its operations. The decision resulted in huge taxpayer savings.
“Due to our ability to have data at our fingertips and an analytically minded staff to make sense of it, Treasury was able to improve efficiency drive results and ultimately save taxpayers about $50 million a year,” Coloretti said.
Data can also be used to enhance operations and meet agency strategic goals. By routinely evaluating small-business data and changing department accountability structures, Treasury met and surpassed its small-business contracting goals, Coloretti explained. This approach earned the department distinction as the only major federal agency to achieve and largely exceed the Small Business Administration’s five small-business goals in fiscal 2011. Fiscal 2012 preliminary data suggests Treasury once again exceeded its goals.